v3.20.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash Flows from Operating Activities    
Net loss $ (20,384,716) $ (16,591,293)
Adjustments to reconcile net loss to net cash used in operating activities:    
Goodwill impairment loss 737,000  
Depreciation and amortization 232,506 237,318
Noncash lease expense 39,116  
Noncash interest expense 954  
Loss on disposal of equipment 11,998  
Stock-based compensation 3,269,948 788,659
Change in fair value of contingent consideration 613,290 495,936
Unrealized gain on investments (5,457) 131
Increase (decrease) in cash arising from changes in assets and liabilities:    
Accounts receivable (6,472) (14,094)
Prepaid expenses and other current assets 540,789 1,000,961
Deferred financing costs   30,000
Operating lease right-of-use asset (590,210)  
Accounts payable 529,269 (55,820)
Deferred revenue 2,377,780 (5,793,849)
Deferred tax liability 45,178 (985,487)
Accrued expenses and other liabilities 8,518 (595,896)
Other long-term liabilities (213,724) 53,165
Deposits (43,417) (281,422)
Net Cash Used in Operating Activities (12,837,650) (21,711,691)
Cash Flows from Investing Activities    
Purchase of short-term investments (138,438) (5,570,158)
Purchase of property and equipment (265,188) (593,573)
Proceeds from sale of property and equipment 109,630  
Net Cash Used in Investing Activities (293,996) (6,163,731)
Cash Flows from Financing Activities    
Proceeds from public offering, net of underwriting discounts   34,499,997
Proceeds from the issuance of common stock, net of commissions 18,898 3,910,093
Proceeds from exercise of stock options 2,120  
Proceeds from exercise of warrants   4,838,593
Stock issuance costs   (3,130,133)
Repayments on principal of finance lease (1,966)  
Net Cash Provided by Financing Activities 19,052 40,118,550
Effect of exchange rate changes on cash, cash equivalents and restricted cash (1,770) 145,764
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (13,114,364) 12,388,892
Cash, Cash Equivalents – Beginning of Period 22,154,251 9,765,359
Cash, Cash Equivalents – End of Period 9,039,887 22,154,251
Supplemental Disclosure for Cash Flow Information    
Operating lease right-of-use assets obtained with lease liabilities 1,945,617  
Finance lease right-of-use assets obtained with lease liabilities $ 192,783  
Acquisition of non-controlling interest of Heat I/Pelican   $ 2,400,677

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